Commercial insurance is not mandated by law for residents of Augusta, ME and Dover, NH, however, it will be necessary to obtain workers compensation coverage only. Many business owners decide to purchase professional liability insurance to offer protection for their interests.
What is Professional Liability Insurance?
When you run a practice, there are certain types of mistakes that can happen with regard to oversights or negligence. This category of indemnification can work well for people employed in the medical industry or who are accountants or lawyers. Architects and IT specialists can also benefit from professional liability insurance.
Your overarching general liability commercial insurance policies usually cover a broader range of contingencies and don’t extend to issues pertaining to malpractice or misrepresentation. Your knowledgeable Gateway Property & Casualty insurance representative can give you more information about the specific scenarios that can be included.
It’s also important to understand that this insurance is specialized and must be purchased separately. It cannot be provided in other ways, such as through endorsements or add-ons to your homeowners or other business coverage.
Typically, the covered perils are only those that are listed and not all forms of criminal or civil law violations. Examples of situations that may be accounted for are breach of contract, services that went undelivered, unmet deadlines, or failure to meet protocol.
Your professional liability insurance will usually consider claims and lawsuits that were made or happened during the period of time your policy was active and in good standing.
Gateway Property & Casualty Is Here To Help!
We specialize in offering our clients insurance products tailored to their needs. We serve those in the regions of Augusta, ME and Dover, NH. We invite you to call, visit us online, or stop by the office to further discuss your business insurance requirements.